If I declare bankruptcy, will I lose everything?
Absolutely not. While we may use some of your assets to pay creditors, you have some assets that are considered exempt. This includes equipment you need for work, personal items and furniture. In many cases you will be able to keep your home and car as long as you can manage your payments.
MORE QUESTIONSDo I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal? Will filing for bankruptcy cancel or reduce my child support payments?